Going, going, gone! Sotheby’s sold in $3.7bn deal with telecoms mogul June 17, 2019 Auctioneers Sotheby’s is being taken private, in a deal which values the business at $3.7bn (£2.9bn), the company said today. Patrick Drahi, the founder of telecoms giant Altice Europe, will pay $57 per share, a 61 per cent premium to the firm’s close on Friday. The billionaire art collector will take Sotheby’s into private ownership [...]
Caffeine buzz: Black Sheep coffee chain secures £13m funding for overseas plan June 17, 2019 Independent coffee shop chain Black Sheep has secured a £13m funding injection as it sets its sights on global expansion. The London-based barista group is looking to ramp up its footprint from 34 sites to 70 by the end of this year, as it eyes overseas growth in the US, Europe, UAE and Asia. Read [...]
UK tech firm Unily secures $68m investment June 17, 2019 Digital workplace platform Unily has secured $68m (£53.9m) growth investment from Silversmith Capital Partners and Farview Equity Partners. Unily, which counts McDonald’s, British Airways and Mars among its clients, intends to use the investment to “capture market share from more established providers”. Read more: Tech jobs in London rise by almost two thirds The British [...]
Airbus wins orders over Boeing at Paris air show June 17, 2019 Airbus has picked up a number of orders at the Paris air show, capitalising on the troubles suffered by Boeing over its 737 jets. Airbus has won a $4.1bn (£3.2bn) order from Virgin Atlantic for 14 of its A330-900neo models, with an additional six as options, which it claims are the cleanest and greenest fleet [...]
Staffline shares plunge after firm reveals £32.6m minimum wage hit June 17, 2019 Shares in recruitment firm Staffline plummeted more than 40 per cent today as it revealed it took a £32.6m hit for failing to comply with National Minimum Wage regulations. Staffline said liabilities from the historical non-compliance had risen from £7.9m to £15.1m including £500,000 of advisor charges. Read more: Staffline on track for worst day [...]
Shanghai-London stock market connection finally launched June 17, 2019 The long-awaited London-Shanghai Stock Connect that links the two markets has been launched today, letting UK and Chinese companies sell shares on each others’ stock markets in a pioneering scheme. Read more: HSBC confirms it is exploring Chinese listing via new London-Shanghai link It marks the first time any foreign company will be able to [...]
City Moves for 17 June – Who’s switching jobs? June 17, 2019 Today’s City Moves includes Cushman & Wakefield, Wavemaker and Stenn International. Cushman & Wakefield Cushman & Wakefield has appointed Greg Mansell as head of UK research and insight, based in London. Greg joins the firm with more than 10 years’ experience researching and forecasting global real estate markets. Most recently, Greg has run his own [...]
Group behind Canary Wharf launches bid for transport giant Arriva June 16, 2019 Brookfield Asset Management, the investment vehicle behind Canary Wharf, has launched a bid for transport giant Arriva. It is understood that the German rail giant is seeking between £4bn-£4.5bn for Arriva, which was put up for sale by owner Deutsche Bahn in March in a bid to reduce its €20bn debt pile. Read more: Arriva [...]
Labour mulls new tax on parental gifts that could raise £15bn June 16, 2019 A report commissioned by the Labour Party has recommended replacing inheritance tax with a lifetime tax on all gifts from parents to their children above £125,000. The new tax could raise £15bn in 2020-21, £9.2bn more than the current inheritance tax system. Under the proposals, tax would be levied on gifts received above a lifetime [...]
Rory Stewart makes ‘offer’ to work with Nigel Farage to deliver Brexit June 16, 2019 Tory leadership hopeful Rory Stewart has said he would work with Nigel Farage’s Brexit party to ensure that Britain’s withdrawal from the EU is delivered. The international development secretary, who is one of five candidates jostling to replace Theresa May as leader, told Farage that parliament “has to find a route” to deliver Brexit. “Which [...]